WSJ News Exclusive | Sequoia Capital Apologizes to Limited Partners for FTX Investment

has placed Sequoia Capital in an unfamiliar position: damage control mode.

The early backer of Apple Inc., Alphabet Inc.’s Google, and Airbnb Inc. —and one of Silicon Valley’s most successful venture-capital firms—apologized to its fund investors in a conference call Tuesday for its $150 million loss on the crypto exchange FTX and vowed to improve its due diligence process for future investments, said people familiar with the matter.

Even the VCs knew that’s things had gotten too crazy and decisions were being made so fast that they couldn’t do proper due diligence, but they had serious FOMO so went along w/ it

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Collapsed FTX owes nearly $3.1 billion to top 50 creditors | CNN BusinessCryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. Maybe Elon could buy it and make it Legit ! I am an avid reader of cnn. While I find an article telling how bad Elon Musk every other day, I could not find a negative article about FTX until now. What am I missing here? The amount of mis-information CNN spreads they shouldn’t even be allowed to report news.
Source: CNN - 🏆 4. / 95 Read more »